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Overcharged for overdraft !!!
pgdanmil
Posts: 2 Newbie
Just after a bit of advice ! I've just had a letter from my business account provider detailing some account changes. One of which states that my overdraft annual renewal fee will now be £50.00. Instead of no fee.
The problem is that since I opened the account in 2007, I have paid £100.00 every December for my overdraft ! I have contacted the bank to inform them of this and they are looking into it. They insist that there has always been a £100.00 set up fee followed by a £50.00 annual renewal fee. However the letter they have sent me clearly states that my account currently has 'No fee' for an arranged overdraft.
I'm pretty sure that I will be getting a refund for the £50.00 extra they have charged me for the last 8 years.
My question, though is: If the 'No fee' for my arranged overdraft is a typing error on their part, have I got grounds to claim the full £100.00 per year that they have charged me ?
The problem is that since I opened the account in 2007, I have paid £100.00 every December for my overdraft ! I have contacted the bank to inform them of this and they are looking into it. They insist that there has always been a £100.00 set up fee followed by a £50.00 annual renewal fee. However the letter they have sent me clearly states that my account currently has 'No fee' for an arranged overdraft.
I'm pretty sure that I will be getting a refund for the £50.00 extra they have charged me for the last 8 years.
My question, though is: If the 'No fee' for my arranged overdraft is a typing error on their part, have I got grounds to claim the full £100.00 per year that they have charged me ?
0
Comments
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Can you name the bank?0
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Don't see why not. Santander business0
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If the 'no fee' on the letter they sent you is an error and your account is indeed subject to a fee, then obviously you have no ground to claim any refund on the fees you paid...0
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Their website suggests 1% with a minimum fee of £50.
How much of an overdraft did you have back in 2007 - and how much is it now?
Accounts opened before 2011 seem to have had the same terms.0
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